Bank Package activities generated a surplus of DKK 12 million in 2022 (2021: DKK 23 million). The result reflects the continued resolution of the remaining activities. Reversal of impairment losses on loans, advances and receivables amounted to DKK 59 million in 2022. Furthermore, the decisions given in the completed management liability lawsuits regarding Roskilde Bank and Eik Banki Færoya have resulted in Finansiel Stabilitet recognising income in the total amount of DKK 45 million. Operating expenses for the year amounting to DKK 99 million (2021: DKK 58 million) were particularly affected by legal fees in the lawsuits now completed.

The individual Bank Packages impact the result in different ways. Bank Package I is fully recognised in segment results. Bank Packages III and IV (FS Finans I-IV A/S) are only recognised in part, however, as other creditors also have financial interests in the resolution results, including the Deposit Guarantee Fund. In relation to Bank Package III (FS Finans III and IV A/S) and Bank Package IV (FS Finans I and II A/S), only a share of changes in the purchase price adjustment affects the result. This share is determined as the part of total unsecured claims taken over by Finansiel Stabilitet.

In connection with the financial statements for 2022, the trustee of the estate in bankruptcy of Amagerbanken (FS Finans III A/S) stated that the processing of claims lodged against the estate in bankruptcy is close to completion. The approved claims have resulted in a minor change in the relative distribution between Bank Package activities and other creditors, with the effect that the segment’s share of the future dividend payment from the estate will be reduced. Based on the calculated purchase price allocation at 31 December 2021, the reduction amounts to DKK 9 million.

In 2022, the subsidiaries FS Finans I-III A/S reported a total financial result of DKK 5 million before purchase price and dowry adjustment.

There was no purchase price adjustment in FS Finans IV A/S, as the dividend was originally fixed at a higher amount than what was warranted. The resulting loss was covered by the Restructuring Department of the Guarantee Scheme. FS Finans IV posted a surplus of DKK 5 million for 2022, reducing its total deficit to DKK 501 million.

Total assets of the Bank Package activities at the end of 2022 were unchanged at DKK 6.5 billion. At 31 December 2022, the segment had loans and guarantees totalling DKK 131 million (2021: DKK 206 million), financial assets totalling DKK 13 million (2021: DKK 578 million) and properties totalling DKK 12 million (2021: DKK 10 million). In 2021, financial assets included treasury bills for an amount of DKK 561 million, which at 31 December 2022 were held as a cash deposit with Danmarks Nationalbank.

On behalf of the government, Finansiel Stabilitet in June 2021 set up an entity to provide debt counselling free of charge to former mink farmers who are, or are presumed to be, insolvent after having received damages and compensation pursuant to the Act on the culling of mink and temporary ban on mink farming.

The scheme involves debt counselling of natural persons. Individuals with a personally owned business are not eligible to receive debt counselling under the scheme, unless the personally owned business has been discontinued and no business activities are consequently carried on in the business.

At 31 December 2022, the scheme had not been utilised.

Effective from July 2022, a scheme was set up on behalf of the government for the establishment of government guarantees for a part of the mortgage credit agreements in rural districts. The purpose of the act is to improve the possibilities for financing residential property, particularly in rural districts, through a government guarantee for the more riskier parts of home loans for certain residential properties. Mortgage providers have subsequently been able to submit applications for government guarantees for specific loan agreements. At 31 December 2022, 40 agreements on terms and conditions had been concluded with mortgage providers.

The target group for the government guarantee scheme is consumers who are considered creditworthy, but have difficulty obtaining a home loan due to matters related to the location or marketability of the property. With a guarantee scheme, some of the risk of home financing is shifted from the mortgage providers to the government, giving mortgage providers an improved incentive to provide financing for such residential properties.

Finansiel Stabilitet manages the government guarantee scheme on behalf of the Danish State. The scheme is established for the account and risk of the government, but Finansiel Stabilitet includes in its financial statements information on the application of the scheme, including information about guarantee commission received and payments made under the guarantees.

At 31 December 2022, guarantees in a total amount of DKK 242 thousand had been provided.

In the second half of 2022, Finansiel Stabilitet incurred internal costs of about DKK 1 million in connection with the conclusion of the above-mentioned agreements on terms and conditions with mortgage providers etc., which costs were covered through payments from the government.